Onex says it will stick with Boeing purchase

WICHITA, Kan. (AP) _ The proposed buyer of <b><a class="headlinelink" href="http://www.kotv.com/main/home/searchKOTV.asp?mainSearch=Boeing">Boeing</a></b>'s aircraft division in Oklahoma and Kansas

Thursday, May 26th 2005, 10:09 am

By: News On 6

WICHITA, Kan. (AP) _ The proposed buyer of Boeing's aircraft division in Oklahoma and Kansas says it's not backing out after losing a key contract vote with the plant's largest union.

Onex Corporation said it will complete its acquisition of Boeing's operations in Wichita, Tulsa and McAlester, Oklahoma, by mid-June.

Members of the machinists union voted down a contract proposal from Onex on Tuesday. Onex had said it would walk away from the purchase if that contract failed.

Onex managing director Nigel Wright said Thursday job offer letters will be sent to union members, offering the same salary and benefits as in the contract.

But he said the members would not be offered an equity stake in the business, as proposed in the original contract. They also won't be eligible for a Machinist union-backed pension plan.